Epsilon Energy Ltd.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Net Operating Revenues
For the nine months ended September 30, 2025 revenues increased $14.2 million, or 63%, to $36.8 million from $22.6 million during the same period of 2024.
Revenue and volume statistics for the three and nine months ended September 30, 2025 and 2024 were as follows:
| | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · Three months ended · · Nine months ended | ||||||||||||
| · · September 30, · · September 30, | ||||||||||||
| | 2025 | 2024 | 2025 | 2024 | ||||||||
| Revenues | | | | | | | | | | | | |
| Pennsylvania | | | | | | | | | | | | |
| Natural gas revenue | | $4,591,423 | | $1,833,371 | | $21,621,448 | | $6,435,027 | ||||
| Volume (MMcf) | | 2,045 | | 1,190 | | 7,336 | | 4,032 | ||||
| Avg. Price ($/Mcf) | | $2.24 | | $1.54 | | $2.95 | | $1.60 | ||||
| Gathering system revenue (net of elimination) | | $1,445,211 | | $1,083,988 | | $5,182,566 | | $4,464,134 | ||||
| Total PA Revenues | | $6,036,634 | | $2,917,359 | | $26,804,014 | | $10,899,161 | ||||
| Permian Basin | | | | | | | | | | | | |
| Natural gas revenue | | $39,312 | | $(27,499) | | $134,840 | | $11,322 | ||||
| Volume (MMcf) | | 28 | | 57 | | 108 | | 158 | ||||
| Avg. Price ($/Mcf) | | $1.42 | | $(0.48) | | $1.25 | | $0.07 | ||||
| Natural gas liquids revenue | | $167,132 | | $239,262 | | $493,930 | | $780,946 | ||||
| Volume (MBOE) | | 9.2 | | 13.1 | | 24.5 | | 39.1 | ||||
| Avg. Price ($/Bbl) | | $18.21 | | $18.31 | | $20.18 | | $19.99 | ||||
| Oil and condensate revenue | | $2,193,192 | | $3,757,574 | | $7,376,168 | | $9,510,780 | ||||
| Volume (MBbl) | | 34.0 | | 50.7 | | 110.2 | | 126.1 | ||||
| Avg. Price ($/Bbl) | | $64.45 | | $74.11 | | $66.94 | | $75.45 | ||||
| Total Permian Basin Revenues | | $2,399,636 | | $3,969,337 | | $8,004,938 | | $10,303,048 | ||||
| Oklahoma | | | | | | | | | | | | |
| Natural gas revenue | | $117,000 | | $98,074 | | $490,975 | | $381,806 | ||||
| Volume (MMcf) | | 45 | | 57 | | 150 | | 188 | ||||
| Avg. Price ($/Mcf) | | $2.61 | | $1.72 | | $3.28 | | $2.04 | ||||
| Natural gas liquids revenue | | $70,337 | | $96,009 | | $252,415 | | $315,732 | ||||
| Volume (MBOE) | | 3.4 | | 4.1 | | 10.8 | | 13.4 | ||||
| Avg. Price ($/Bbl) | | $20.49 | | $23.60 | | $23.33 | | $23.55 | ||||
| Oil and condensate revenue | | $100,271 | | $207,162 | | $391,654 | | $682,755 | ||||
| Volume (MBbl) | | 1.6 | | 2.7 | | 5.8 | | 8.7 | ||||
| Avg. Price ($/Bbl) | | $64.61 | | $77.33 | | $67.31 | | $78.06 | ||||
| Total OK Revenues | | $287,608 | | $401,245 | | $1,135,044 | | $1,380,293 | ||||
| Canada | | | | | | | | | | | | |
| Natural gas revenue | | $10,843 | | $— | | $35,232 | | $— | ||||
| Volume (MMcf) | | 18 | | — | | 35 | | — | ||||
| Avg. Price ($/Mcf) | | $0.60 | | $— | | $1.01 | | $— | ||||
| Natural gas liquids revenue | | $29,550 | | $— | | $52,944 | | $— | ||||
| Volume (MBOE) | | 1.4 | | — | | 2.3 | | — | ||||
| Avg. Price ($/Bbl) | | $21.76 | | $— | | $23.05 | | $— | ||||
| Oil and condensate revenue | | $217,188 | | $— | | $737,160 | | $— | ||||
| Volume (MBbl) | | 3.8 | | — | | 13.1 | | — | ||||
| Avg. Price ($/Bbl) | | $56.89 | | $— | | $56.24 | | $— | ||||
| Total Canada Revenues | | $257,581 | | $— | | $825,336 | | $— | ||||
| Total Revenues | | $8,981,459 | | $7,287,941 | | $36,769,332 | | $22,582,502 | ||||
Upstream natural gas revenue for the nine months ended September 30, 2025 increased by $15.5 million, or 226%, over the same period in 2024. An increase of $10.4 million was due to higher natural gas prices and an increase of $5.1 million was a result of previously delayed turn in line wells coming online in Pennsylvania and the end of operator-
elected well shut-ins in Pennsylvania. Upstream natural gas revenue for the three months ended September 30, 2025 increased by $2.8 million, or 150%, over the same period in 2024. An increase of $1.6 million was due to higher natural gas prices and an increase of $1.2 million was a result of previously delayed turn in line wells coming online in Pennsylvania and the end of operator-elected well shut-ins in Pennsylvania.
Upstream natural gas liquids revenue for the nine months ended September 30, 2025 decreased by $0.3 million, or 27%, over the same period in 2024. This decrease was mostly due to lower volumes in the Permian Basin as a result of processing disruptions at the Goldsmith plant in Texas as well as gas flaring due to negative residue gas pricing in the second and third quarter. Upstream natural gas liquids revenue for the three months ended September 30, 2025 decreased by $0.07 million, or 20%, over the same period in 2024. This decrease was mostly due to lower volumes in the Permian Basin as a result of the aforementioned processing disruptions and negative residue gas pricing.
Upstream oil and condensate revenue for the nine months ended September 30, 2025 decreased by $1.7 million, or 17% over the same period in 2024. A decrease of $1.3 million was due to lower oil prices and a decrease of $0.4 million was due to lower volumes from well shut-ins for adjacent completion operations and natural decline. Upstream oil and condensate revenue for the three months ended September 30, 2025 decreased by $1.5 million, or 37% over the same period in 2024. A decrease of $1 million was due to lower volumes from the aforementioned well shut-ins and natural decline and a decrease of $0.4 million was due to lower prices.
Gathering system revenue for the nine months ended September 30, 2025 increased by $0.7 million, or 16%, compared with the same period in 2024 as a result of slightly higher throughput, but more importantly, crossflow gas being displaced with Anchor Shipper gas which is charged a higher gathering fee. Gathering system revenue for the three months ended September 30, 2025 increased by $0.4 million, or 33%, compared with the same period in 2024 due to higher volumes and a higher percentage of Anchor Shipper gas. Revenues derived from transporting and compressing our production, which have been eliminated from gathering system revenues amounted to $0.4 million and $1.5 million, respectively, for the three and nine months ended September 30, 2025, and $0.3 million and $0.8 million, respectively, for the three and nine months ended September 30, 2024.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.